Get out of debt brehs

[Domingo Halliburton]

if you have long term debt like a mortgage look into paying every two weeks instead of every month.

i.e. if your mortgage is 1000/month try paying 500 every two weeks.

this can potentially shave off years on the term because of compounding interest.

if you cut into paying every week even better but I know some mortgage companies won't let you do that.

 

[Good Guy Guevara]

Stupid question, but will one of those free credit check sites outline each and every debt you may have?

Under Federal law your entitled to one free credit report every year. There's a site (I forgot what it is) you can go to that will list the three major credit rating agency's and what information they have on you. They all won't be 100% accurate

 

[Ohene]

Under Federal law your entitled to one free credit report every year.

 

[IAmGettingAMailOrderBride]

Also buying food in bulk

 

[newarkhiphop]

Also buying food in bulk

What about it?

 

[nomoreneveragain]

I'm on minimum wage right now. I can't really tackle down my until next month when I get a new job as a help desk technician.

1/2 the checks you get should go Bills/Rent and you'll see that debt disappear gradually

I went from 30K to 12K on my Student Loans in 13 months. I would throw my entire check - rent money on them shyts. \

The types of cars I could have bought

I still don't have a car

Worse thing about it I'm going to take the LSAT again, not about that Cert life ... More to life than $$$

 

[BlvdBrawler]

I thank @BlvdBrawler for putting me up on game a while back. I remember reading one of his post about how he probably shouldn't have gotten a new car with all the bells and whistles until, mid to early 30's. I was actually on the brink of breaking down and getting one from peer pressure
I'm straight in my 02 altima for now, I can always drive my girls bmw

Btw at 22, I have zero debt

 

[The Coochie Assassin]

My student loan was a gift and a curse. I'm way more creative in my thinking of making money than I was before this debt. Wish I never got in debt but would I be so driven and focused on being above average this early in life

 

[Bboystyle]

Breh i feel ya on this. I was bad with money (still kind of am) and i didnt give a shyt about my credit at age 18. My whole mentality was that i get approved for something and i put it on credit,i dont pay it and all it does is ruin my credit score like i gave two shyts...Im getting free shyt..Little did i know


Now thanks to the 7 year rule my credit is clean and i have 3 active accounts all with a grade A in payment history and credit utilization(the two MAJOR things that effect your score) I bet half ya'll dont even know what credit utilization is in terms of affecting your score. Basically u wanna keep your balance below 30% of your total credit. So for instance,if u have a credit card thats $1,000, try to keep the balance at $700 or below when your payment date is due. Reason being is because companies want to know that u dont rely on their credit to live as most people who do are high risk of not paying back.

Imma help the brehs in here who are trying to restore their credit. i did mine in little as 8 months. Went from 625 to 705 which isn't great but its not bad.

here's a starting point to establish credit.

Either get a secured credit card or do Fingerhut. Yes the items are more expensive at Fingerhut then what u can get at wal mart but in the long run,it's worth paying extra to build your credit.


Those two things help me out alot and now i get offers everyday and it feels

 

[unit321]

Good for you.
I had a big severance check when I got laid off years ago. I used almost all of it to pay off my student debt. Yes, I could have bought something nice, but getting out of debt was better. I didn't have a monthly student loan bill and my credit improved.

 

[the cac mamba]

paid off the last of my debt in april

23 and got thousands, shyts a great feeling

 

[newarkhiphop]

let the games begin breh, just made the first payment on my student loans today $431 on a $42,000 loan goal is to pay it off in 2.5 yrs, am making minimum payments from now till January. January on its $1,000- $1,500 a month

 

[Hawaiian Punch]

That student loan debt is a motherfukker it blows my mind that you can get instant credit for 50,000 for school but can't get a 5000 loan to start a business

That's deep right there. Maybe the high risk involved. But to me college is a risk.

 

[acri1]

I'm not too badly in debt, but I'm on that bullshyt and can't be bothered to pay it off even though I could. My situation...

-Have about 20k in savings and about 2k in checking...
-Got about 12k Student Loan debt, but I only pay the minimum (about $100/mo) because I just can't be bothered to pay more $$$
-Just finished paying off my car note
-Have about $1k in credit card debt, but again I'm on that bullshyt and just paying the minimum


I should really just pay that shyt off, but the thought of emptying out my savings to pay some stupid loan disgusts me.

I'd rather have a nice amount saved up in case I lose my job or something. Guess I'll get it paid eventually...if I live long enough.

 

[OneManGang]

By 29, ill have about $160,000 to spend the next 30 years of my life paying off....and that's just from school.